Fiera Capital Corp. is suing its former head of Canadian large-cap equities, Nessim Mansoor, and five other former employees, alleging they conspired to steal Fiera’s clients and move them to a new firm started by Mansoor.
The lawsuit also names Woodbrook Asset Management Inc., a firm that was incorporated in May 2025 and of which Mansoor is a director, and Montreal-based Nalmont Capital Inc., which was founded by former Fiera employees in 2024, as defendants.
Fiera is seeking $10 million in punitive damages from the defendants, plus compensatory damages.
Neither Fiera nor Mansoor have responded to requests for comment.
Several members of Mansoor’s former team at Fiera are also named in the suit: Tony Rizzi, Nicolas Trottier, Howard Leung and Sandra Zhang. Fiera said in its statement of claim that all have been fired for cause.
In a notice on Aug. 4, the firm said it appointed a new lead portfolio manager for its major Canadian equities strategies after firing Mansoor for cause in connection “with alleged breaches of his duty of loyalty and Fiera Capital’s code of conduct.”
In the statement, filed with the Ontario Court Superior Court of Justice on Aug. 4, Fiera alleged that the conspiracy took place over at least 18 months, with communications taking place over personal email and other channels, such as WhatsApp.
The suit alleges that Mansoor and other members of his team “covertly appropriated” Fiera assets and resources “to facilitate the establishment of a launch-ready competing enterprise,” Woodbrook Asset Management. Fiera alleged in its filing that this included the misuse and exchange of confidential client information. It also alleged that Nalmont participated in planning to provide back- and mid-office support for Woodbrook.
Mansoor joined Fiera in fall 2016 from Empire Life Investments, starting out as vice-president and senior portfolio manager. He was promoted to head of Canadian large-cap equities in September 2019. Rizzi, a senior portfolio manager on Mansoor’s team, also joined Fiera in 2016 from Empire Life Investments.
Mansoor had been hired to expand Fiera’s equities capabilities, according to the statement of claim. In his role, he had close contact with some of Fiera’s largest clients.
“On the strength of the Fiera Capital distribution platform … the total [assets under management] managed by Mr. Mansoor and his team under the various Canadian equities portfolios grew from zero to approximately $17 billion,” the filing said. “[T]he portfolios constitute approximately 10% of assets managed by Fiera Capital globally and generate an approximate $50 million in Fiera Capital’s annual revenue.”
Mansoor submitted a letter of resignation on July 27, followed by Rizzi the next day, according to the filing. Fiera alleges that during his resignation period, which was to end Aug. 31, Mansoor “pressured” Fiera CEO Maxime Ménard to negotiate a sub-advisory agreement with Woodbrook, saying he had “complete control” over the Canadian large-cap equities team and had directed them to resign two weeks before his last day, so they could all start working at Woodbrook at the same time.
“Mr. Mansoor leveraged the fact that the Canadian equities portfolios are a significant source of revenue to Fiera Capital, and a mass departure would leave Fiera Capital with a substantial vacuum to fill and impact client relationships,” Fiera alleges in its statement of claim. Moreover, it alleges that Mansoor “threatened Fiera Capital that if it did an ‘end run’ around him by speaking directly to the team,” he would end discussions about a sub-advisory agreement and accelerate the team’s departure.
The firm further alleges that Mansoor made “coercive, intimidating and retaliatory statements” to one of the members of the Canadian large-cap equities team, who ultimately decided not to proceed with the “orchestrated exodus.”
Fiera said it suspended Mansoor and Rizzi on July 29 with pay as it began investigating the alleged conspiracy.
Among other things, the suit alleges that Mansoor breached his duty to act honestly and in good faith, to avoid conflicts of interest, protect confidential information and not misuse corporate opportunities for his own benefit.
“Mr. Mansoor’s conduct demonstrated callous disregard for his fiduciary responsibilities not only to Fiera Capital, but also to his own clients, who he treated as pawns in his pressure campaign against Fiera Capital,” the firm said in its filing.
None of the allegations have been proven.
In addition to damages, Fiera is asking for a permanent injunction restraining the defendants from soliciting or accepting business from Fiera clients, or from transmitting or benefiting from Fiera’s confidential information, among other things.
The defendants have 20 days to submit a statement of defence.